Multi-sector supplier EFI achieved revenue of US$992.1m, up 12 per cent year-over-year compared to US$882.5m for the same period in 2015 leaving the company tantalisingly close to the US$1bn ($1.38bn) marker.
Net income was $45.5m, up 36 per cent compared to $33.5m for the same period in 2015, and alongside a higher share price, and $65.2m increase in cash flow.
For the quarter ended December 31, the company reported record fourth quarter revenue of US$266.7m, up 4 per cent from 2015 revenue of US$256.5m. GAAP net income was $20.5m, up 99 per cent compared to $10.3m for 2015. This works out as $0.43 per diluted share, up 105 per cent compared to $0.21 in 2015.
Non-GAAP net income was US$36.3m, up 23 per cent compared to non-GAAP net income of US$29.4m from 2015. This translates to US$0.77 per diluted share, up 26 per cent compared to US$0.61 in 2015. Cash flow from operating activities was $65.2m, up 141 per cent compared to US$27.1m in 2015.
Guy Gecht, chief executive at EFI, says,“EFI delivered another record revenue quarter and our team’s execution drove significant improvements in margins, cash flow, and earnings per share, despite the negative impact of foreign currency. As we start the New Year we are even more excited about the road ahead, especially with our upcoming introduction of the Nozomi platform targeted at digital printing for packaging.”
The company continues to expand as a major supplier in MIS, workflow, digital wide format, digital labels, digital textile printing, digital ceramic tile printing, and at drupe launched Nozomi for digital corrugated board printing.